Dr. Robert Zoellner

ThriveTime Show CEO / Optometrist / Entrepreneur / Venture Capitalist

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Founder of ThriveTime Show / U.S. Small Business Administration Entrepreneur of the Year

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Dr. Zoellner

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Clay Clark

Founder of ThriveTime Show /
U.S. Small Business Administration Entrepreneur of the Year

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Business Coach: How To Estate Plan

Business Coach EstateIn this transcript, Clay Clark (U.S. Chamber National Blue Ribbon Quality Award Winner and helpful business coach) and Wes Carter (Attorney who represents highly respected organizations throughout the nation)  discuss the importance of estate planning on Thrive15.com, the business sales training program.

Clay:    Wes Carter.

Wes:    Clay Clark.

Clay:    How are you my friend?

Wes:    I’m well. How are you?

Clay:    I’m doing great. I appreciate you joining me, an experienced business coach and the audience here in this sacred studio of awesomeness.

Wes:    I appreciate the invitation.

Clay:    We have been broadcasting live … By the time you watch it it’s not live but we are live when we broadcast and we believe that due to the power of the internet we’re reaching people in other countries, we have people in Costa Rica, people up in Canada, people in Australia. We believe, we do not know, we believe people in other planets have become to try to hack into the system to watch this episodes as well.

Wes:    Hi out there.

Clay:    Yeah, so if you’re watching in another planet we’re saying hello to you. Before we get into saving estate planning documents and this topic of what to do with these documents I’m going to ask you the question that millions of people might not have ever said but they subconsciously are thinking it and I sense subconscious thought and do I’m able to just to ask the question I feel that they want to know. So here is the question.

Are you in any way, shape or form related to Janice Carter? Janice Carter, October 10th 1913, birthday, passed away unfortunately in July 13th, 1994. Was a film and television actress working in the 1940s and ’50s. She appeared in the films ‘Night Editor’ in 1946, and ‘Frame’ from 1947 with Glenn Ford and Flying Leathernecks, 1951, with John Wayne.

Wes:    I don’t believe so. Although it sounds like she had a storied career.

Clay:    Yeah, she did have a storied career and I don’t believe you. But we’re going to talk about estate planning documents and why this matters. Why do I need to save these documents? What kinds of documents should I be saving here?

Wes:    You should be saving anything that your attorney has drafted for you regarding what’s going to happen in the event of your demise. So will, trust, the papers naming who your kids are going to go with. Anything like that is something that you need to keep because you’ve spent the money and effort and people need to be able to find them.

Clay:    Timeout, this is real talk. I go into small businesses all over the country and I say, “Hey, does anyone know the password for your corporate Facebook account?” They’re like, “I think John has it.” You call John, John is like, “No, Benny has it. Benny or Barry, someone used to work here in this area and they have the passwords.” “Does Benny or Barry work here.” “Benny does not but Barry, I think he does.” You’re going to find that no one knows the passwords.

In families it’s the same thing. You say, “Who has the wills?” “Ahhhh.” “Who has the trust?” “Ahhhh.” “Who has the … I’m sure you’ve heard people who’ve said their estate planning document in bizarre places. Talk to me about some of the most bizarre places that you’ve ever heard of people saving their estate planning document?

Wes:    I have a partner that focuses on estate planning and he’s shared some interesting stories with me. Freezers, because they assume that will be the last place to burn in the house.

Clay:    It’s a chilled will.

Wes:    Yes. There’s always the buried in the backyard or under the mattress.

Clay:    Real quick for this business coach. If you don’t tell the other spouse that you’ve put it in these places you can see how it would be tough in the event of someone’s unfortunate demise. You’re like, I wonder where the will is. You’re crying, you’re sobbing, you’re going through a rough patch in your life and you’re trying to deal with the emotional issues and the last thing that you’re going to think about in my mind, maybe I’m wrong, is I should go to the freezer, it’s probably in there. You just don’t have that natural thought or probably I should dig up about a third of the backyard over there by the third tree, not the fourth tree, by the third tree, that little patch, I’ll dig that up, I’ll find that the will is right there. So you see this all the time. Thrive15.com teaches sales training courses.

Wes:    Yes. It’s very common for people to get creative and I know personally every time I try to put something up somewhere where I absolutely won’t forget it that’s the last place I remember to look.

Clay:    Let’s get into this. Tell this business coach, where should I save it specifically? Where should I save these documents?

Wes:    The easiest way is do a safe deposit box at the bank, because then you’re going to have someone named as the beneficially or to have a fireproof save at your house. Not one that’s hidden under a secret compartment under the floor where nobody can find, but that you’ve shared. Whether it’s your child or your spouse, someone that’s going to know where to look is the important part. It’s save and your realtors can find it.

Clay:    For somebody who is a young … I’m 33, somebody who’s under the age of 33. Somebody who is just super young and they’re saying, buddy, I took a photo of my will on my phone. I have it saved on dropbox. What do you think about that? Talk to me about that. If I have it and I’m like, “I took my phone out, my new iPhone 4 or 5, iPhone 17, took a great photo of it, it’s all crystal clear, what if I have saved it there?

Wes:    Need the paper original.

Clay:    The digital guy got his mind rocked right there.

Wes:    It’s one of the few things left, you need ink on paper.

Clay:    I’m always saying that because I’m like old school. I’m trying to just convert all my computer documents into handwritten paper documents, that’s what I’m trying to do. There are other people out there that also are trying to go digital on everything. I get it, but you do have to have physical copies.

Wes:    You do.

Clay:    What happens if you don’t?

Wes:    Then it’s quite likely the court is not going to honor them.

Clay:    Do you hear how crazy that mess is? You could have all these documents saved and you could actually … Somebody dies and now your will and your trust all that is not going to be … It’s going to be null and void because you put it on dropbox and now put it in a safety deposit box.

Wes:    That’s quite possible.

Clay:    That’s something to think about out there. Wes, if I’m somebody right now and I’m watching this and I’m just looking for like, “Do this.” “Go do this.” Action item one, if I have all these documents I should save them where? Just tell me, where should I go?

Wes:    If you already have them just put it in the safety deposit box at the bank.

Clay:    Take it from a business coach, Safety deposit box at the bank.

Wes:    Yes.

Clay:    Cool. That’s what you should do. Now if you’re watching this and you do not have these documents you need to call a local attorney and you need to find an attorney that can help you do your estate planning and they will help you make all of these documents. Wills, trusts-….Take it from an experienced attorney and business coach.

Wes:    They’re going to walk through the process, get you whatever you need to be safe, be prepared and hopefully save some taxes.

Clay:    Wes, I appreciate you for being here and helping a business coach out, I appreciate you talking about estate planning documents and really I just look forward to suing you soon.

Wes:    I can’t wait.

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